Gold: Pullback to the 200 EMA on the 4 hour chart

Gold has been making some very interesting movements around its 200 period exponential moving average on the 4 hour chart (blue line), around the 1194.18 zone. At the beginning of the week we saw how the price reached that moving average and how it consolidated there for a while before breaking to the upside. The price has now come back to its 200 EMA and it looks like it is completing a breakout and pullback pattern. Let’s pay attention to this pullback to the 200 EMA, because we could see a bounce to the upside from here.